Jim Cramer’s Investing Membership Assembly Tuesday: CPI Information, Eli Lilly

Every weekday, the CNBC Investing Club hosts a "Morning Meeting" live stream with Jim Cramer at 10:20 am ET. Here's a recap of Tuesday's key moments. Exercise caution on CPI data Trim P & G Wait to buy LLY 1. Exercise caution on CPI data Stocks rose on Tuesday after the US Labor Department's November consumer price index (CPI) showed prices rose at the slowest pace since last December. The S&P 500 was up more than 1.5% in morning trade. However, with wage and food inflation still high, we urge investors to exercise caution. The US Federal Reserve is also unlikely to scale back rate hikes significantly until inflation falls further. However, we acknowledge that two of the three macroeconomic factors preventing a sustained market recovery appear to be gradually unwinding, including China's Covid-19 restrictions and inflation. 2. Trim P&G We sell 100 shares of Procter & Gamble (PG) at around $152 each to take advantage of Tuesday's market rally. PG has posted steep gains over the past few weeks, and we continue to like this stock as a recession-resistant name that will only be helped by a weakening US dollar and falling raw costs. 3. Hold off buying Eli Lilly Eli Lilly (LLY) said on Tuesday that it expects revenue to grow in 2023 above Wall Street's expectations. But the drug company's earnings guidance came in well below analysts' forecasts. That's not surprising given Eli Lilly's plans to invest heavily in research and development over the next year. We remain bullish on the company but expect some profit taking given the weaker earnings forecast. Our advice is to be patient in the short-term before buying more shares. Eli Lilly stock is down about 0.62% Tuesday morning at $364.96 per share. (Jim Cramer's Charitable Trust is Long LLY, PG. A full list of shares can be found here.) As a subscriber to CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling any stock in his charitable foundation's portfolio. When Jim spoke about a stock on CNBC television, he waits 72 hours after the trade alert is issued before executing the trade. THE ABOVE INVESTMENT CLUB INFORMATION IS GOVERNED BY OUR TERMS AND CONDITIONS AND PRIVACY POLICY ALONG WITH OUR DISCLAIMER. NO OBLIGATION OR OBLIGATION SHALL BE OR CREATED BY YOUR RECEIVING OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC RESULT OR PROFIT IS GUARANTEED.